USA – FLORIDA Law and Practice Contributed by: Jennifer Jordan McCall, Drew Reitz, Christine Tsai and Maria Williams, Pillsbury Winthrop Shaw Pittman LLP
Act provisions, and also introduced new tax benefits and phased out other existing tax incentives, chang - ing the current US tax landscape. There are also pro - posals that have been outlined by certain political figures in the past to severely limit certain transfer tax planning vehicles, including Grantor Retained Annu - ity Trusts as well as “grantor trusts” in general. None of those proposals have yet been adopted, but they could be in the future. Florida is more stable, as it does not have a state income tax, gift tax, or estate tax, and there are cur - rently no plans for these taxes to be enacted. 1.6 Stability of Tax Laws The federal government enacted the Corporate Trans - parency Act, which is a sweeping statute aimed at curtailing money laundering. The Act requires “ben - eficial owners” of “reporting companies” to report their beneficial ownership information to a database controlled by the Financial Crimes Enforcement Net - work (FinCEN). After the Act was subject to litigation regarding its constitutionality, FinCEN provided updat - ed guidance through an “interim final rule” as pub - lished in the Congressional Record on 26 March 2025. Florida does not have a comparable beneficial own - ership statute. However, corporations, limited liability companies, limited partnerships, and limited liability partnerships organised or doing business in Florida are required to file an annual report with the Division of Corporations. Such annual report must identify at least one “principal” of the entity. The annual reports are public information. 1.7 Transparency and Increased Global Reporting No information provided in this jurisdiction. 2. Succession 2.1 Cultural Considerations in Succession Planning Florida has been seeing unprecedented levels of population growth in recent years, with Miami becom - ing one of the top US destinations for ultra-high-net worth and affluent individuals. Many of these indi -
viduals present unique and bespoke circumstances which require non-traditional succession planning and asset protection. These plans may take into account the individual’s re-domiciliation to Florida, charitable dispositions, private placement life insurance, and federal gift and estate tax planning, among others. 2.2 International Planning Planning for families who have global ties presents its own set of challenges and requires expertise not only on the part of the US attorneys advising the family, but also attorneys from each applicable foreign jurisdic - tion. The nuances of these situations are highly factual and require navigating US trusts and taxation laws, such as applicable laws in the foreign jurisdiction and any existing treaties between the two jurisdictions which may influence the advice given. Such clients should seek competent counsel to advise them on the various aspects of their planning objectives. 2.3 Forced Heirship Laws Florida does not have forced heirship laws. However, a spouse generally cannot be disinherited by will, in the absence of a valid agreement such as a pre- or post-nuptial agreement. The surviving spouse is enti - tled to a minimum of an elective share of 30% of the decedent’s elective estate. In addition, a spouse and minor children are entitled to a share of homestead property upon the death of a co-owner of the home - stead. The surviving spouse receives a life estate, allowing them to live in and use the property for life, with a vested remainder going to the descendants in being at the time of the decedent’s death. Addition - ally, the surviving spouse can elect an undivided 50% interest in the homestead as a tenant in common, with the remaining undivided 50% interest vesting in the decedent’s descendants in being at the time of the decedent’s death. 2.4 Marital Property Florida is an equitable distribution jurisdiction. Upon a dissolution of marriage, a court will identify and divide marital property, and allow each spouse to keep their own separate non-marital property. When dividing marital property, the court is guided by equity and fairness, which does not always imply an equal 50-50 split between the spouses. However, the court must begin with the premise that the distribution should
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